MESSAGERIES
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"LA MARSFILLAISE"
"ZELIDŁA"
BIR HAKEIM
**LA MARSEILLAISE”
*BASILA"
1
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Arriving
MARITIMES
Lequine
Jan 12 ᎫᎱ
21 Feh 39
M
Outward er
aluttiin, Yokohama &
Kobe
Saigon
Jhomeword For
N. Africa & Europe
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pangers & freight.
Marseilles via Manila
Saigon
N. Atrics & Europe
Africa & Carry for
freight for Saigon, Port Sand, Tums, Algiers, Oran tangier, Casuulança, Havre, Dunkirk, Antwerp Rotterdam.
Subject Po
Change With Nuter
CIE DES MESSAGERIES MARITIMES
10. Bax 68, Hongkong
Queen's Building (gr. Boor) Tel. 26651 (3 lines).
M. V. "LA MARSEILLAISE'
12
days roundtrip
To MANILA and JAPAN
DESTINATION
ARRIVAL
DEPARTURE
Hongkong
1 12.17
Manila
15
10 aan.
13 Jan. 10 p.m.
#pu
Yokehron:
19
Dam.
5347
Kubr
21
4.m
pm.
P.T.
Hongkony
25
תכון :
ני
CIE DES MESSAGERIES MARITIMES
PO Box 53. Hongkong
Queen's Building
Mining
Tei: 26651 (3 lines).
Industry
In Philippines
Making
Progress
Manila, Jan. 6.
More than $120,000,000 in gold, silver, iron. copper and other metals have been taken from the Philippines war-ravaged mines since their rehabi- litation started in 1946.
The mining industry here presented a dismal picture after beraient. All the mines were virtually useless. They had been looted of machinery by the Japanese, many of the shafts had been fooled and high-grade ores in the mines taken For the Japanese war effort.
Tie
The
THE CHINA MAIL, MONDAY, JANUARY 7, 1952.
STERLING AREA CRISIS Officially Described As Gravest Ever
Serious Aggravation, Of Empire Dollar Deficit
Price Increases
In
Britain
London, Jan. 6.
The history of 1961 is highly condensed in "The Economist's" index of wholesale Commodity prices.
While the aeneral index on December 31 at 227.7 shows
of 6.7 arise
per
Гр tue 213.3 at aver ported a year ago, the sub
cercats and Croups show ineat up 14 per cent, other foods
15 Der cent.
פנו
textiles down nearly 12
per cent, minerals up 12 per cent and miscellaneous
cent. 6 per up nearly United Press.
Pl Action PI On Imports Forecast
(FROM OUR OWN CORRESPONDENT ›
London, Jan, 6. Officially-inspired Press repo is this week-end describe the present Sterling crisis as the gravest ever.
It is now well known that the Commonwealth monetary area is in deficit all round the world. What is perhaps not so widely appreciated is the extent of the deterioration that has taken place since the middle of 1951.
Our dollar deficit in the third quarter of last year amounted to over $600 million and by the end of October the central gold and dollar re- serves had fallen from the end of June level of £1,381 million to below £1.100 million.
The decline in reserves continued throughout the last quarter and an announcement during the next few days is expected to reveal that the loss of gold and dollars in the three months to the end of December Was The largest since the war.
HONGKONG
SHARE MARKET
From Our Correspondent] |
The volume of business dean thr Stock Ex hang the trening wi value at $454.390. Nuou quotations 301 The
swing's transactions
Beserves fell by $320 effects of increasing foreign com- million in October alone, petition particularly from Japan.
and Germany-are beginning to During this quarter loan
be felt. At the same time we 1 payments to America and reumble & take advantage of pid transfer to the Euro, the sellers market for th
Payments Union to and other engineering prufurta
Thu defence absorbed another: because of
gramme and other urgent claims. upon
reanuda lariza capacity
Manila, Jan. 6. The Philippines is work ing towards nationalisation of the import
Trade. Mr Pether Ceferino De Los Santos, chairman newly appointed of the Import Control Com- mission, said
I alien: however, think the p. XV. A dep ve Foota
of the rights and they are which edifle ander Philippine trade Jaw
elsespan:
Valg
M: Sunles
the state-
mend dung
meeting will representatives of business mat-
en me yesterday
President Quirino would soon order re- excrative
1 INT
he
↑ serving áð per cent of all in
parts for Filipino retailers alinued.
$240 million.
Cur monthly trade del at ith the sedler area during Novetsbra
11
Det ene tas priably not
mar
The allocation of steel supplan. which comes into Joree nex
ROYAL INTEROCEAN LINES
PLASBÍANYA
*ESIKAMPER”
KIJIKUWAE”
"VAN BEUT:2" "TJIBADAS" "THITJALENOKA" "RO198EVAIN" {"TIJWANGE
VAN BEUTSZ [“TJITJALENUKA”
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"TJILEWAH“ *HOESSEVAIN
"THWANGE
"VAN NKUTBZ" BOIRSEGAIN" "TJIWAŃG" "TJIPANAS"
SAILINGS
Jań, zth
Jun
Th
Sac
19th
A
13th
PAL.
17th
14 17th
125 ZRI
Apoth ተዝካ
To
Singapore, Penare. 'Belawan féll d
Jakhrin
Djakarta, Tjirebas, Semarang, Sura-
hala Macar
MAIDEN VOYAGE
To Singapore, Juva & Maritsaf Japan Port
Sincmore. Penang & Újakarta Japan
Inpan Ports
singapore, Java & Macassar
Singapore, Penang & B. Dell
Fed 4th
Singapore. Afrien & A. America
Feb. 11th
Singapore, Java & MacARIBE
Feb 280
singoborr, Java & Maenggar
Mat 5th
Manila, Alngapore, Africa
A
N.
America
Mar เสม
Singapore. Java & Macassar
Mar Bih
Maña Bingapore. Afhen
America
$
ADUL SIM
Seapore, Java & Maraeski
ARRIVALS
Int 30th Jan 15th
Jap 19th
tan 20th
TITJALENGKA
Feb 60
23
From
Nel, Dinkarta a Singapore
$. America. Africa & Singapore
Macassar, dava & stngapore
N America, Africa, Singanote
Migita
Japan
General Agents,
HOLLAND EAST ASIA LINE
SAILINGS TO EUROPE
"AAGTEKERK”
Tater
3 Arti
"OVERIJSEL" ("HOOGKERK“
"ARENDSKERK"
F Mar Apr
--
FIN
Sh
SAILINGS FROM EUROPE
મન
Rotterdam
Arrives Hongkong
HOVEBUJSEL" *HINOOKERK"
ARENDKERK"
Sided Dec
Jan
120
bailed Der 14
krb,
JEM.
30th
Star
Gath
Mar
Alta
Apr.
101
"AAGTEKERK"
Apr.
2nd
May
R
SHARES BUYERS SELLERS SALES İ "HIELDRECHT“ BANKS
INK Bank Ea Ackm
1820 TÄNA
135
INSURANCES
Carlon
22.3
Union
B03
Und Westers
5.30
Ik fe
143
DOCKS ETC
102
Thak
171% IB 200 1744
the
Providers Sort De
19
23 50
3390 30%
14
as linge as that von Octuber Tre month. 15 expected to go some greent streng being of Sterling way towards solving the late has not yet gene la chough problem by cutting supplies to however, to offset the continung; industries producing for loss of gold! aand diodians resulting home market and thus leasing
Tall from the
the price of larger supplies free for the de materials. Stenting
the fence and export industries Attorienn buying policy oslably i with regard to tim and heavy,
ponts ealth imperts
as FRIT KAN
CRITICISM LIKELY
Furtunately the problems The end of this alorming drain: facing this country are now. on our gold and sulla reserves; coming more widely known m
in sight
is the Commonwealth, and the ajiowed to continue unchecked, ; argument that the U. K. i mol the Sterling Aren might well fwe pulling its fub weight m the dodiag bankruptes by the end of Sterling "Club" is not heard as FRASE
often as it was few months ago
Nevertheless.
Mr Santos also disclosed that; There is eryndication, how here would be a recluced dollar ever, fun! the necessary action outlay for imports during the to prevent any further deteriora will undoubtedly
tion in our balance of payments; certain dollar-caening namatberes positam will be taken at the Cr Dw:: 1
114 M
current quarter.
The import
lau gely Foreigners
IS
trade hie tise hancis of retail while the rude is lely ann by Chinese,
Aciated Press
Reparations Discussions
In Tokyo
15
'
A on Jari The British Government has already given a lead to its Com monwealth counterparts by cut- ting our import programme from m-Stet Fang counties by over t 300 miben a year and taking, steps to bring internal inflation under control
after the Indonesian delegation
Thr Mudied hus Impace counter-propmal over
go $103.072,225 was meal. Toulay
the week-end. actively puuducing and first 10 months of 1951 producer mines stven bær metal mining Bens
in operation and exporting one
other $17.619.08), according to
w official Agures of the flarence
to the United Stars to pro- of Maar es. rexit.
the
addit. tu
pete
submitted
14
be to
BEARING BRUNT
This country is also expected For the brunt of any further on that might be decided on the Minsters.
li shopdi not be assured from
On the
K Whor
וו
1045 וויין
100 R
200
8 88 888 98%
KING'S BUILDING. TELEPHONES: PRATS TO P9017
CHINESE AGENES BL, CONNAFLAT ROAD, A BES 你
MAR
MAERSK LINE
FAST FORTNIGHTLY SERVICE TO:
NEW YORK, BOSTON, BALTIMORE & PHILADELPHIA vis SAN FRANCISCO, LOS ANGELES AND PANAMA.
NEXT SAILINGS.
LAND EN
HA Hotel IK 1nd
577,
5 100
inte
sa Land
Barr phreys
50
14%
13
200 1114
14.60
1000 1.00)
pynimmys Tiain
1717.20 1000 m 17 10 j
6000 22.10 2000 12.00
T 012335 24
St. Ferry 116
sanje TAKWISIT!
Dar les in
Light
XI
Light
1 500
#1.90
1000
3.85
IN ND
0.16 0
231, 237, 200
23.00
500
23
M.S. "GRETE MAERSK"
Jan.
18
250
Niel
(13)
1000
M.S.
"OLGA MAERSK"
Feb.
As
Tphon:.. 18
INDUSTRIALS
Cement
Putz
STORES, ETC.
DA
M.S.
"JEPPESEN MAERSK"
Feb. 13
2214
ARRIVALS FROM U.S.A.
1.
18.10 1939 awford 351 384
M.S
"OLGA MAERSK"
Jan.
234
M.S.
"JEPPESEN MAERSK”
Jan.
12
M.S.
"HULDA MAERSK"
Jan. 20
2.50
MIS ELLANEOUS
4 10
500 A • 10
of the Commonwealth. Bril is likely oppositio51
Lenfre round the expected request for moderation in the use of their Sterling balances.
ין
The i. K. however without an effective answer.
The Economist” points on, if some of the Dominious carmed a Huwe ndequate shure O! the rearmatont programme there avuli ne less likelihood of an CE TONS undesirable rapid run-down of the Sterling balances.
This particular
is one of the most confusversal that could be raised in the course of the lisrussians but that is no reason why it should be avoided
Bu
NEW CONDITIONS
T Li of the
disproportionate
defence burden
crisis ports of other goods.
J-
.י.ן
Steadiness In Cotton
Colton
New York. Jan. 6
showed futures
дя
The
1
228
&
For Freight and Further Particulars please apply to:-
AGENTS:
JEBSEN & CO.
Pedder Building
Tel: Nos. 36066-9.
AMENDED
The year-end HONG KONG GOVERNMENT
*
reinstatement uf 1ax- and the positions outdated let-up in volume of hedge offer-
Southern ings, as the
spot lapsed into dullness, were stabilising factors.- United
Tokyo, Jan. 6. this, however, that the fault lies with this country, in tformal repandions talks: enfare!
that responsibility Lawren Japan she Indonesia j
for correcting will be resumed on Monday the balance of payments deticli
rests whe
wholly on H.
contrary, solution to the present crisis requires the share combined efforts of all Sterling carried by this country precludes overtone of steadiness in an- Area members and none zam any immediale or dramatic in other holiday-shortened week. Foreign Office quarters ex- expect to escape the unaleasant crease in exports of engineering At Friday's cluse. the fist ruled preted on agreement
or 85 cents to woket is now obie par: products. the same riffeulty 17 to 32 points Among the metals
m reached somewhat along the of the remedy.
cannot be pleaded
bale higher than the to explain $1.60 bines of the Philippines
Japanese vervion At the same time it of the Best five your's
inx operations kept prices bob- operalios after work started on gold and silver are icon, chrome,
although there is a considerable realised that the it is full our inability to expand our ex preceding week.
the two view. cannot be treate in the san e gap between
bing up and down, but later re metal valued at copper, manganese and recently,
This problem is largely one of market lead. Most
buoyant of the metal
developed way as the previous crises--that utus shipped to are
United the
is by unitor cuts in dollar in adapting ourselves to the new one. The Japanese representatives por States for processing because of
ports. The point which the conditions brought about by the luck
of proper
counter-proposal equipment
Treasury is emphasising is that creasing foreign competition, and » Saturday afternoon to the the dollar gap which
was the the U. K. must, therefore, face here.
by the Indonesian central feature of one offered
it alone. Gold has bera the heaviest
the 1947 and income
metal. Sothe
Broup on Friday. 324,322
1949 rises is now only part of The Federation of British In- markets Observers believe that The ounces worth $11,360,787 were
the problem,
dustries has pointed out that Japanese counter-proposal offers!
Immediate mined in the first 10 months of
aim of the Comfurther increases in the price of materials, monwealth Conference is to in- raw 1951. Iron and copper were
our exports must be stopped if we provided that they are supplied
press
upon the outside world its
our are to hold by Indonesia, into locomotiver, joint determination to maintain position in the world markets: competitive
trucks
other and
machinery the international prestige of this in turn depends on the needed for the development of Sterling. It is decided that
success of our efforts to check Indonesia's natural resources this aim can only be achieved internal inflation.
On
other the
hand, the through a restrictive polies, then Indonesian delegate wants Jupan restrictions will undóustedly bei to supply construction materials imposed. for "service" reparations to reconstruct Indonesian economy. Despite this gap. obrervers
at the same time the expect the terms of reparation Ministers will explore all and economic co-operation will
possible means of replacing the become moje definite by the tine De Hade Dhanda, Chief short-term policy at the first op-
with portunity of the Indonesian group, leaves policy based on a more construc- พ long-term tive, and expansionist outlook. In the last resort the strength
Avoiding Contract Business
in
months of
next on the list, with more than $5,000,000 in each metal being dug during that period.
The Philippines has been sell- New York. Jan, The cotton
and clothing Its high-grade yarn
manganes markets went through the first ore to the United States for Production ag week of 1952 without any par- several months. ticular change.
been somewhat limited, however, small with only 18,780 tons being dug Selective buying
first 10 quantities for quick and nearby during the delivery developed but contract, 1951.
RICH DEPOSITS business continued to be avoided. as much as possible.
The United States has been Mill executives, spinners con- encouraging
production of the vorters and brukers saw little vital cre and local maters are prospect for
change in the endeavouring री
10 increase future. They be- immediate
yield. The
southern islands lieved that the stand-by policy are believed to contain is likely to continue pending the deposits of
manganese
be reconvening of Congress: a bet which
could gauge on the probable extent capital were available.
buying: garment of military
But despite the progress in manufacturer and ploce-goods the Industry,
some private the still believTY
ter
ment
buying for the Spring secson; a
businessmen
Worked
the
rich
4.20
tr
pick-up in retail sales and flut-industry is not reviving as tast tuations in the raw cotton mar kot.
the
10
proecss
for home On January France-Pressc.
15.-
INDUSTRY IN SINGAPORE
But
THE AIM
In A cautiously - worded
Press
ECAFE MEETING
the
United
Tokyo, Jan. 8. Japan today named a six- man team to go to Rangoon for message for 1962 the Federation the conference opening on I says: "--but only if we can January 10 of
succeed in preventing any more Nations Commission for Asia substantial rises in our
price
and the Far East.
They will level, there are grounds for hope, go in the capacity of observers that we shall be able to hold "
only. our own."
New Problem For Britain
Six South
IMPORT & EXPORT
LICENCE & DECLARATION
FORMS
Now Ready.
THESE FORMS COME INTO FORCE AS FROM 1ST JANUARY 1952.
ON SALE AT
Korean delegates SOUTH CHINA MORNING POST. LTD.
have
Reuter.
to the ECAFE meeting left for Rangoon.
Hong Kong & Kowloon,
Pacific Far East Line, Inc.
Fair Ragular Trans-Pacific Sarvica
DIRECT
SAN FRANCISCO, LOS ANGELES
OVERLAND
NEW YORK-CHICAGO-DETROIT-TORONTO MONTREAL AND ALL AMERICAN & GANADIAN CITIKO
of Sterling and the cohesion of the Commonwealth
monetary! arca depends on the ability of Its members to pay their way in
New York, Jan. 6. the world. The aim must be to
Australia's present sugar crop revive and strengthen the system
is indicated at about 762,000 of triangular
which the trude by wh
doilar long tons, compared with about: au it should, They believe in-
United Kingdom's own Singapore, Jan, 0,
020,000 tons D year ago, B. W. doflcit is made good out of its vestors, Filipinos and foreigners Heavy Inventorice, which alike, aro not investing AG
Industry in Singapore enjoyed surplus with the dollar-caraing Dyer and Co., sugar economista a year of relative peace in 1961. members. This is the traditional and brokers, reported today. plagued both
collon and heavily as they might. rayon industries through most of
pattern of Sterling Aren relations 1992, have been whittled down are beijeved to be the unexation Commissioner of Labour, kid in purpure
Some of the reasons for this There were only three strikes,
Allowance of 508,000 tons for Mr G. W. Davis, Singapore
other will serve the home consumption would leave Guam, Marinika Islands, Micronesfürt Islands - Regular Service direct or with transbipment, to reasonable levels United
conditions of the country High | year-end stalement that trade purpose.
only 168,000 tons for export. MILEH.
The cos of materials da equipment unionists had shown
ability of country túj good
Vent which must be imported and the
· The crop reduction places an amount
exports, not only to of expand
dollar diffully of getting equipment, pat
patience in
With and other non-Sterling Iberending strain on the United
countries but also to the rest of Kingdom dollar position, the "JACOB LUCKENHACR
Sterling Aren, is, fherefore, him: Bald. Since the United «ØLVING KCUD the al-important fucior ta be Kingdom purchases the entire
by the Finance Australian exportable surplus. "JACqI LUORENBACIE" considered
the reduction requires repito MATHEW LOCKENBACHP' Ministers,
The British export programme wont with dollar sugar or tanes a critical year. Consumer reduction in the tinted King resistance towards certain of our dom consumption of sugar, the sicport lines is growing and the firm pointed out-United Proms,
Exchange
Panden op work
Rates Some quarters attributed the unployers and
slovnicks of recovery in the
2 wis dole in the Incal unelielai exchange mark
hering, he the following roledive
US, dólier (per #1)
merling, noth. (per
Igilentils, guidare Bias fenia" (per 100)
ngaporn (Birmite)
L
gold mines to
the Hair
Central Banle
of Philippines ruling that
Calling 12
on labour to show
stoppages.
anme.
the
spirit. In 1968, I
20 per cent at all output must Davis noted that losses to trade be sold to the Government at last year were, considerably be lão ómisliti prato § of $35 an than the year before when the ounce, to stabilise the gold are colony experienced 20 strikes serves Unlied Press,, :
Associated Press,
this
From
Arrives
Batle
· Weez.
Aan Francisco.
San Frangisep
Stralis
St Franciaco
Sat. 14
Jan. 43.
Feb 1 Felt.
-Jan. 15:
Strata
Jay, 20 San Francision de 100 ARRIEN Feb, 2 Feb, 20
Ban. Franclegu & Law. Angajen
vla YokötunYLA'
Fin Franedaco & 'Ton Angèlow
For full pinrilenturn call United States Lines Co., General Agents, Queen's Building, Toh 18108,
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